TReDS platform M1xchange has partnered with the Haryana govt to provide invoice discounting services and easy financial access to MSMEs working for various govt departments and PSUs of the state.
The partnership aims to boost the MSME ecosystem in the region by enabling early payment for MSMEs working for Government departments PSUs and Private Companies based in Harayana at very competitive prices.
In Haryana, 59 lakh MSMEs are registered on the Udyam platform and the partnership will provide them with easy access to working capital against invoices without the need for hard collateral.
Since its inception in 2017, M1xchange has facilitated invoice discounting worth Rs 65,000 crore and aims to reach a record value of Rs 45,000 crore invoices by the end of FY24.
The partnership will provide a smooth onboarding and payment process for MSMEs and help in addressing credit gaps faced by the MSME sector.